Asian Markets Rally Amid Declining Oil Prices and Interest Rate Hikes
Asian shares rose on Friday as investors cheered declining oil prices and interest rate hikes from major central banks. The move by the Bank of Japan to raise its benchmark interest rate to 1.25% was widely expected, coming after the Federal Reserve also raised its key rate this week.
The U.S. dollar rose against the yen, reaching a new high of 157.73 Japanese yen from 155.95 yen earlier in the day. The euro also gained value, costing $1.1486 compared to $1.1480 previously.
South Korea's Kospi led the gains among Asian markets with a jump of 2.7% to 6,894.23, while Australia's S&P/ASX 200 was little changed, declining less than 0.1%. Japan's benchmark Nikkei 225 rose 1.4% to finish at 65,018.95.
The recent decline in Brent crude oil prices from nearly $110 earlier in the week has also contributed to positive sentiment on Wall Street and globally. Benchmark U.S. crude slid 1.92% to $99.95 a barrel.